The stockholders equity accounts of Bridgeport Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 10,000 shares authorized) $ 384,000 Common Stock ($1 stated value, 1,950,000 shares authorized) 1,150,000 Paid-in Capital in Excess of ParPreferred Stock 145,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,400,000 Retained Earnings 1,800,000 Treasury Stock (11,000 common shares) 55,000 During 2020, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 26,000 shares of common stock for $120,000. Apr. 14 Sold 5,600 shares of treasury stockcommon for $32,600. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,900. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. Dec. 31 Determined that net income for the year was $400,000. Journalize the transactions and the closing entry for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)